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National Bank of Canada
Symbol NA
Shares Issued 340,560,156
Close 2024-12-06 C$ 132.75
Market Cap C$ 45,209,360,709
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Globe says Canadian Western Bank delays Q4 release

2024-12-09 07:31 ET - In the News

See In the News (C-CWB) Canadian Western Bank

The Globe and Mail reports in its Saturday, Dec. 7, edition that Canadian Western Bank's shares fell 5.4 per cent on Friday after the bank unexpectedly postponed its fourth quarter earnings release. The Globe's Stefanie Marotta writes that originally set for early Friday morning, the new date is now unspecified in mid-December, with no explanation provided. This change has led to speculation regarding National Bank of Canada's pending acquisition of Canadian Western. Despite the delay, Canadian Western announced a 3-per-cent increase in its quarterly dividend. On Wednesday, National Bank chief executive officer Laurent Ferreira said that the deal is in the final stages of approvals. He said: "Our proposed acquisition of Canadian Western Bank will be a key pillar in our domestic growth in 2025 and for the years to come. We look forward to bringing together two strong teams and highly complementary platforms to accelerate our growth. The approval process is progressing well." He said the Office of the Superintendent of Financial Institutions is currently reviewing the proposal. The final step will be for Finance Minister Chrystia Freeland to green-light the deal. He added that he expects the deal to close in early 2025.

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